Salesforce.com IPO delayed on report of CEO stock

SteveGelsi

NEW YORK (CBS.MW) -- The upcoming initial public offering for Salesforce.com has been bumped back at least a week from the IPO calendar after a report in The New York Times revealed CEO Marc Benioff no longer owns about 8.4 million of his shares in the company ahead of its stock market debut. Benioff owns about 28 million shares now, down from 36.5 million shares he purchased 1999 and 2000, according to the newspaper. The IPO document does not disclose when Benioff sold his shares or how much he got for them. Kathy Smith, fund manager with Renaissance Capital
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said the $85 million IPO from the San Francisco-based business software maker has been delayed from the week of May 23 to give the company time to update its IPO prospectus about the CEO's stock sale. The stock sales would have taken place during years in which Benioff earned only $1 per year in salary. Smith said the IPO will still likely kick off, but it'll face a delay. The IPO has been widely seen as a dot-com appetizer for the big $2.7 billion IPO from Google.com, since both companies share the same lead underwriter Morgan Stanley
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